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Audit committees are an important corporate governance party and have taken on additional responsibilities following the passage of the Sarbanes-Oxley Act.
a. Describe the changes in audit committee membership, and list duties that were mandated by the Sarbanes-Oxley Act. Also, describe any other increased responsibilities of audit committees following the passage of the Sarbanes-Oxley Act.
b. The audit committee now has ownership of the relationship with the external auditor. What are the implications of this change for the audit committee and for the external auditor?
c. Assume that management and the auditor disagree on the appro- priate accounting for a complex transaction. The external auditor has conveyed the disagreement to the audit committee and pro- vided an assessment that the disagreement is on the economics of the transaction and has nothing to do with earnings management. What is the responsibility of the audit committee? What skills of audit committee members do you think might be helpful in this type of situation?
What is the general nature of the questions included in internal control questionnaires? Identify several advantages of using questionnaires to document the auditor's understanding of internal control.
In brief describe the responsibilities each of the following groups of people has regarding internal control: Management, the board of directors, internal auditors, others in the organization.
You are auditing the financial statements of Austin Software Company, which is a fast growing software development company.
1.what are the differences and similarities in audits of financial statements compliance audits and operational
What internal controls components are common among long-term assets and liabilities, and equity accounts? What components are unique to each? How can an auditor assess these controls?
With reference to each one of the five ratios in turn and the other information provided explain what the results of your calculations indicate for Globe Ltd's going concern.
diebold inc. a public company is a maker of atms bank security systems and electronic voting machines. research how
Describe each incorrect assumption, statement, and inappropriate application of attributes sampling in Baker's procedures.
Details of other business risks identified from your analytical procedures and background details.
What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most? Please explain.
Determine the cost of goods available for sale, the ending inventory, and the cost of goods sold. Then create the journal entries for January 4 and 18.
What governing bodies are responsible for establishing financial reporting parameters? What is their purpose? Which body is the most important? Why?
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